I. Receivation of the maintenance fund
Based on the total house price of the buyer at the time of the transfer of title from the developer, the proportion charged by the maintenance fund is typically 2 per cent ~3 per cent or between $100 and $200 per square metre. Specific collection criteria are determined by local real estate authorities based on local realities。
Ii. Timing of the maintenance fund
The public maintenance fund pays before the house is delivered, as follows:
The funds for the first phase of specialized housing maintenance may be deposited directly by the owner in the funds for specialized housing maintenance or entrusted to the real estate development enterprise。
2. When entrusted to the real estate development enterprise, the real estate development enterprise shall deposit the funds entrusted to it for the special maintenance of the house within 30 days of receiving the housing maintenance fund。
Conditions for the use of the fund
The maintenance fund can be used only after the expiry of the warranty period when major repairs, upgrades and modifications are made to the public part of the property, shared facilities, equipment and equipment. Specific cost-sharing rates are determined by the owner on the basis of the right to vote. In case of idle maintenance funds, diversion is prohibited except for the purchase of national debt or other funds provided for by law or regulations. The property management firm may borrow from the maintenance fund an amount equivalent to one month's reserve for routine maintenance and replacement costs of the property, subject to additional agreement in the property management service contract。
Iv. Apportionment and distribution of proceeds of the maintenance fund
According to the civil code of the people's republic of china, income generated by construction units, property service enterprises or other managers who take advantage of a common share of the owner is owned by the owner, after deduction of reasonable costs. The cost-sharing, distribution of proceeds, etc. Of the buildings and their associated facilities, if any, are carried out in accordance with the agreement or, if there is no agreement or agreement that is not clear, in proportion to the area owned by the owner。
The rate of collection and the conditions for use of the maintenance fund are determined on the basis of local realities, and the purchaser needs to be aware of the relevant provisions when purchasing the house. The scope and limitations of the maintenance fund also need to be complied with to ensure that the maintenance and improvement of public facilities are effectively funded。
